The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) announced today that it was appointed receiver for BestBank, Boulder, Colorado. The bank was closed on Thursday, July 23, 1998, by the Colorado State Bank Commissioner, and the FDIC was named receiver.

The FDIC is attempting to arrange a transaction under which the failed bankís insured deposits will be assumed by a healthy bank and reopen for business no later than Monday, July 27, 1998. If this effort proves unsuccessful, the FDIC will move immediately to make available depositorsí funds up to the statutory insurance limit of $100,000.

The FDIC expects to make an announcement of the outcome of its efforts within the next few days.

This is the first bank failure in Colorado since Jefferson Bank and Trust, Lakewood, Colorado, failed on July 2, 1993.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 10,779 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDICís Public Information Center (800-276-6003 or (703) 562-2200).